Economy

Engineering exports to US, China, UAE post sharp growth in October

Our Bureau New Delhi | Updated on November 25, 2021

Rise in exports from the sector across product groups, destinations

Exports of engineering goods to the US increased 68.4 per cent in October (year-on-year) to $1.45 billion while shipments to China surged 165 per cent to $ 635.6 million.

"At $ 60.98 billion cumulative exports in April-October 2021-22 period, the engineering goods sector has achieved 57 per cent of the full year target," according to a statement issued by EEPC India on Thursday.

The rise in exports was spread across products and destinations.

All the 33 engineering goods categories including aircraft parts and ship boats & floating products recorded growth in exports during October 2021, the release said.

Exports posted an increase in 23 out of 25 top export destinations during this period. Exports to three top destinations -- US, China and UAE saw sharp increase in October on strong economic recovery and pent-up demand.

"In the last decade, engineering export’s share in India’s total merchandise exports has increased significantly from around 17% to 26%. This growth is majorly attributed to constant upgradation of the value chain and exploration of new economies," according to EEPC Chairman Mahesh Desai said.

Exports to the UAE, too, went up 70 per dent to $467.5 million in October.

Engineering goods exports to Mexico and Malaysia, however, fell in October by 12 per cent and 58 per cent, respectively.

Published on November 25, 2021

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